NEW TYPE OF HUSTLER FUND LAUNCHED
Kenyans have borrowed over Ksh 21 billion from the Hustler Fund as of March 6, 2023.
Speaking on a local television station on Thursday, March 9, Cooperatives and Micro and Small Enterprises Cabinet Secretary Simon Chelugui disclosed that over a billion shilling has been sent to savings.
At the same time, the CS revealed that over 18 million Kenyans are now registered with the fund barely four months after the first phase of the fund was launched.
“With Ksh22B in circulation, it’s a good testimony that there’s money circulating at the bottom of the pyramid,” he said.
Chelugui on CRB listing
CS Chelugui also noted that over 10 per cent of Kenyans have been delisted from Credit Reference Bureau (CRB) and created a saving culture among Kenyans.
“We have delisted six million Kenyans from the CRB & also creating a savings culture in Kenyans,” he added.
Speaking on the credit score limit, the CS said it will be increased after a span of three months of successful borrowing and payment of the loan.
“Every three months, term limits will increase, so Kenyans should borrow money and repay it promptly to qualify for an increase.”
The financial inclusion fund is a key plan by President William Ruto’s new economic order that targets low-income earners through affordable credit besides credit, the fund also has built-in savings.
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